Jess Dewell and I do the “It’s Your Business” LinkedIn Livestream episodes of the #BoldBusinessPodcast to normalize conversations about the things business owners care about most.

Negotiation is one of those skills that most people feel they aren’t good at and they would prefer to avoid. If that describes the way you feel, this podcast is for you.

Negotiation is an essential life and business skill because at it’s core, it’s a communication style.

Being good at negotiation means that

1. You know the purpose of your conversation and your desired end result.
2. You’ve done your research and understand the people involved, their goals, and their communication styles.
3. You are familiar with and actively use communication techniques that
   • Communicate empathy,
   • Make the listener feel heard through mirroring and labeling,
   • Telegraph your engagement through tone, style and body language,
   • Demonstrate active listening, and
   • Acknowledge the other sides objections.

By recognizing that you negotiate all the time at work, at home and at play, you can take every opportunity to practice this key skill. Practice will increase your confidence and ability to the point where negotiation strategies become second nature

As a result, it will become easier to find common ground with your employees, clients, and vendors as you negotiate changes in processes and procedures, contract terms, employment offers, KPI measurement and the like.

Purpose First Advisors specializes in helping business owners define their goals and negotiate favorable outcomes that produce their growth and valuation goals. Let us help you build, grow and exit your business  on purpose, with purpose.

Enterprise University Fall Courses

Two things need to be true before you embark on the journey to sell your business:

1. You need to assess and work on your personal readiness to sell
2. You need to clearly assess how attractive your business is to potential buyers

Why does personal readiness matter?

Well, nothing will tank a business deal faster than an owner who isn’t really sure they want to sell.

Without a clear plan for ‘what’s next,’ that includes a deep understanding of yourself separate and apart from being a business owner, you may undermine the whole process without even being aware of it. Knowing why you want to sell, what a ‘good’ sale will look like, and what you will do once you are no longer in the day-to-day of operations allows you to bring a clear head and open heart to what can sometimes be a long emotional process.

Business attractiveness also matters because, no surprise, different things appeal to different buyers.

I had dinner the other night with a buyer who looks for owner-operated businesses with about $1m in revenue. He’s currently closing a deal to acquire a firm that is struggling with profitability but adds a line of services his business has been missing and new customers to whom he can sell other services. He’s a strategic buyer in his industry.

Who are the strategic and financial buyers in your industry? What do they care about and look for?

Want to keep the business in the ‘family’ - children or key employees? What needs to true for them to want to finance a purchase that satisfies your financial needs and their need to run a sustainably profitable business moving forward?

Seen through the lens of your buyer, what’s most attractive about your business? What’s bringing down its marks? What can and will you work on before going to market?

Join me on October 17 at Enterprise University (virtual! free!) for more discussion and exploration of the concepts of personal readiness and business attractiveness for owners.

Purpose First Advisors specializes in helping business owners create succession and exit plans that allow them plan and execute strategic growth. Let us help you build, grow and exit your business  on purpose, with purpose.

There are lots of ways to make something grow.

So what do I mean by grow smart?

First, let’s think of your business as a living thing - a creature totally separate from you - that needs the right environment to grow.

It goes through seasons of sowing, reaping, harvesting, fallow or resting. Your business can’t constantly grow any more than you can constantly stay awake or not eat.

In fact, mature, profitable businesses are often built to sustain rather than grow. They get profitable by doing what they do really, really well, efficiently and consistently.

Growth requires intention, focus and resources.

It needs certain conditions - money, time, people, technology, systems and processes - aligned to a common purpose to produce the desired results.

Growth in one area might strain another, exasperate weaknesses or outpace the ability of the organization to sustain the growth over time.

Smart growth asks

• Why do we want to grow? How will more of XYZ allow us to achieve our goals?
• What will growth look like? More revenue? More clients? More products? More territory? More industry segments?
• If we increase revenue, what happens to expenses? Some people distinguish between growth (revenue and expenses increase) and scaling (revenue increases while expenses stay the same.)
• Will increased revenue result in higher profit?
• Can we retain, renew and upsell the new business we attract?
• To achieve the growth we want, is it better to buy or build?
• How does growing in this way at this time create more income? Improve profit? Enhance efficiency? Decrease client concentration? Support long term market value? Make the business more transferrable?

As a strategic growth advisor, I want to understand your vision for your business - what is it designed to help you achieve in life? What’s the end game.? What choices do you want to have available to you if/when you decide you want to do less of this and more of something else?

Then I want to understand which of the growth strategies available to you helps you best achieve your near and long-term personal, business and financial goals?

Together we can evaluate which growth strategies are most appropriate given your time, money, people and other resources, set goals, identify tactics and create 90 day sprints.

As a succession and exit plan advisor, I want to know your value, wealth and profit goals so we can close the gaps that probably exist.

I want to help you design a growth plan that increases profit while building value.

I want to help you design a compensation and succession plan that helps you accumulate the wealth you need to replace your income (i.e. retire) whenever you desire, transfer your business (asset) to capable leaders, and create a legacy (family, community, values) makes an impact.

Purpose First Advisors specializes in helping business owners create strategic growth plans that enable them to create a life and legacy they love. Let us help you build, grow and exit your business  on purpose, with purpose.

Imagine being able to achieve anything you set your mind to, not because you have more hours in the day, but because you use the ones you have more effectively. This is the central theme of this episode of It's Your Business brought to you by the #BoldBusinessPodcast.

We all experience stress and periods of unproductivity. However, these can be minimized—or even avoided—by changing our relationship with time. By embracing what you can control and reframing your approach to productivity, you can create significant shifts in how you use your time to reach your personal, financial and business goals. This could mean saving time, finding time, or even bending time by making decisions with time as a key resource constraint.

Rewrite Your Script on Time Use

Explore the scripts or narratives you have about how you use your time. Your stories might center on the peer pressure surrounding productivity, what is a ‘good’ or a ‘bad’ use of time, a false sense of how much time certain activities require, no understanding the costs inherent in constantly switching activities, or the stigma of ‘wasting time.’ Recognizing these patterns can help you be accountable for your relationship with time.

Embracing the Finite Nature of Time

Time is the only truly finite resource we have. You have to come to terms with the limitations of a 24 hour day including the importance of sleep, reflection, and play. By maximizing the time available for specific tasks and the distance between where you are and your specific goals, you dramatically increase your capacity to to handle any challenge. An important exercise to consider is questioning the relevance of tasks to your end goals: Why does this matter right now? Why does this matter to your ultimate objectives?

Creativity Through Embracing Time Constraints

Creativity and innovation often stem from embracing time and prioritizing tasks. Learning to let go of less important tasks and aligning your interests and mission to your goals can enhance your effectiveness and creativity. This involves saying "yes" less often, setting clear expectations, and understanding the sequence of actions required to manage what you can't control. Assessing opportunity costs and levels of commitment can also provide clarity on how repeatable success is and what to do when time feels scarce.

Key Takeaways

1. Stop Using the Phrase “Find the Time”: Replace the notion of "finding time" with an understanding of how you currently view and utilize your time. Avoid comparing your time management to that of other business owners.

2. Plan with the End in Mind: Especially for longer-term goals, planning with the end in mind is crucial. This helps you stay focused and aligned with your ultimate objectives.

3. Your Choices Matter: Every choice you make regarding your time has significance. Be solid in your decisions and fully commit to them. This commitment and clarity can transform how you manage and value your time.

Conclusion

Mastering time management is not about having more hours in the day but about using the hours you have more effectively. By understanding the real costs of poor time management, embracing constraints, and prioritizing your tasks, you can achieve more with the time available to you. Remember, time is your most valuable resource—use it wisely, be accountable to it, and watch how these shifts lead to greater productivity and success.

Purpose First Advisors specializes in helping business owners choose the highest value priorities on which to focus their limited time and energy for maximum results. Let us help you build, grow and exit your business  on purpose, with purpose.

Consistency is the foundation of business success.

It's the steady, persistent effort that propels your business forward and transforms your dreams into reality. Yet, fostering consistent action can be a challenge, especially in the face of distractions, setbacks, and competing priorities.

In this episode of It’s Your Business brought to you by the #BoldBusinessPodcast, we explore strategies for cultivating consistency and achieving your most ambitious personal, financial, and business goals.

In the quest for business success, progress is seldom a stroke of luck or a sudden breakthrough. It's a gradual process, driven by tenacity, the accumulation of small wins, and the ability to decisively say "no" when necessary. By incorporating non-negotiables into your decision-making process, you can streamline your focus, reduce overwhelm, and dedicate time to the deep, impactful work required to build a thriving business.

The Compounding Effect of Choices

The choices you make each day, however small, have a compounding effect over time. Effective communication plays a crucial role in maximizing this effect. It's not enough to share the vision alone; you must also clearly articulate the non-negotiables that guide your work. While persistence can be challenging, sticking to your decisions and consistently taking the next step reveal the best possible path forward. Each effort compounds, with small wins gradually accumulating into significant successes.

The Importance of Non-negotiables

Non-negotiables are essential for shaping your decisions and reducing the need for constant evaluation, thus freeing up time for deep work. By clearly communicating your vision as well as your non-negotiables, you and your team can quickly identify and seize the right opportunities, while confidently saying "no" to distractions. This approach builds credibility, as your focus, confidence and results become evident to others.

Consistent Action: The Key to Longevity

Consistent action - maintaining steady action - is the cornerstone of achieving your biggest business, personal, and financial goals, even in the face of difficulties. Willpower and consistent effort create the momentum needed to push forward, ensuring continuous progress. Success is not an overnight phenomenon but the result of years of persistent effort and small steps taken consistently.

Practical Takeaways

1. Commit to Your Non-negotiables: Always be in the process of doing something and stick to your non-negotiables to create the guardrails for your action so you can stay focused.
2. Consistency is Key: Consistency starts with you. Choose the most important tasks and remain steadfast in your efforts. Regular, focused action builds a strong foundation for success.
3. Build Credibility Through Confidence: Confidence comes from consistency. As you consistently follow through on your commitments, you build credibility with yourself and others, paving the way for sustained success.

Conclusion

Business longevity is a journey of persistence, small wins, and decisive choices. By integrating non-negotiables into your decision-making, communicating effectively, and maintaining consistent action, you build a resilient and thriving business. Remember, success is a compounding effect of your daily choices and efforts. Keep going, stay focused, and let your tenacity drive you towards your biggest goals.

Purpose First Advisors specializes in helping business owners turn overwhelm into consistent action. Let us help you build, grow and exit your business  on purpose, with purpose.

How often do you find yourself trapped in the endless cycle of knowing what to do, yet struggling to actually do it?

It's a common predicament many of us face in various aspects of our lives, whether it's adopting healthier habits, pursuing our passions, or achieving our business goals. The gap between knowing what to do and actually doing it can be vast, but it's not insurmountable.

In this episode of It’s Your Business brought to you by the #BoldBusinessPodcast, we explore strategies to bridge this gap and turn knowledge into action.

Understanding the Knowing-Doing Gap

In our daily lives, we often find ourselves on autopilot, repeating the same routines and behaviors without much thought. These habits, whether good or bad, shape our lives in profound ways. From the moment we wake up to the moment we go to bed, our habits influence our productivity, health, and overall well-being, as well as the profitability and value creation in our business.

Very often, we possess the knowledge and information necessary to make a huge impact through our business ventures, yet struggle to translate that knowledge into action. This dissonance between knowing and doing can be frustrating and, at times, paralyzing.

Breaking Down Barriers

So, what prevents us from bridging this gap? Fear of failure, lack of motivation, procrastination, and self-doubt are just a few common barriers that stand in our way as business owners. Additionally, the sheer abundance of information available today can lead to analysis paralysis, where we become overwhelmed by options and fail to take action.

The Power of Implementation Intentions

One effective strategy for overcoming the knowing-doing gap is the use of implementation intentions. This involves specifying when, where, and how you will take action to achieve your goals. By creating a concrete plan and setting specific goals, you reduce the cognitive load of decision-making and increase the likelihood of follow-through. Try this: think of one action you know will have a significant impact on your ability to hit your business and financial goals. Make the key decisions, assemble the necessary resources, and take action.

Embracing Imperfect Action

Another key mindset shift is embracing the concept of imperfect action. Perfectionism often paralyzes us, preventing us from taking any action until conditions are ideal. However, the reality is that conditions will never be perfect, and waiting for the "right" moment only delays progress. Instead, taking imperfect action, even if it's small steps or rough drafts, moves us closer to our goals and builds momentum over time. Try this: pick one thing off your to-do list and do it before the end of the day. Check it off your list.

Accountability and Support

Seeking accountability and support can also bolster our efforts to bridge the knowing-doing gap. Whether you decide to share your goals with a peer, join a business coaching group, post them on social media, or work 1:1 with a coach or mentor, external accountability can provide the motivation and encouragement we need to stay on track. Try this: As Quentin Ortega would say, find your accountabilibuddy to get where your business is today to where you want it to be - faster.

Celebrating Progress

Finally, celebrating progress, no matter how small, is crucial for sustaining motivation and momentum. Acknowledge your efforts and achievements along the way, and don't be too hard on yourself when setbacks occur. Remember, it's not about perfection but progress. Try this: Celebrate the thing you chose to do and checked off your to-do list. Yay! It’s done!

Conclusion

Bridging the gap between knowing what to do and actually doing it requires intentional effort and mindset shifts. By breaking down barriers, creating implementation intentions, embracing imperfect action, seeking accountability and support, and celebrating progress, we can overcome inertia and move closer to realizing our aspirations. So, what are you waiting for? Take that first step today and start turning knowledge into action.

Purpose First Advisors specializes in helping business owners turn business desires into measurable results. Let us help you build, grow and exit your business  on purpose, with purpose.

If your team is at max capacity, feeling overwhelmed, or struggling to keep up, they’re doing whatever they can to keep their heads above water.

Unfortunately, the ways they choose to cope might be costing you a lot of money.

Teams that feel stretched too far

- don't spend more time talking with clients than they have to

- limit the choices they offer customers, avoiding opportunities to upsell or increase orders

- keep new ideas to themselves

- focus on getting work done not improving efficiency

- make decisions from a scarcity mindset

- focus on reducing risk rather than creating opportunity

- resist any changes to their routine

- struggle to collaborate with others

As one client’s account executive said, “I know production is stretched so why would I offer the client more design options. They know what they want so I stick to helping them make that happen.”

While you want your employees to use discretion when doing their jobs, you also have to make expectations clear about how you want them to make decisions and give them a framework that can inform their decision making process.

If you’re doing everything you can to drive more qualified leads into your sales pipeline, the last thing you need is someone deciding to avoid the upsell with new and existing clients as a way of limiting capacity constraints and personal feelings of overwhelm.

In some cases, you're probably completely unaware that there are subtle choices your employees are making everyday that impact your top and bottom lines.

Or perhaps you assume they think the way you do or you lack trust in their decision making skills which results in things like work-arounds, micromanagement or lack of delegation.

Growth and consistent profitability can't happen under those circumstances.

Need better insight into how your people are leading from where they are?

• Ask open ended questions that require employees to describe their work experience including their thoughts and feelings
• Ask follow up questions like
  • Help me understand.
  • Please say more about that.
  • Why do you think that is?
  • Can you give me an example?
  • When did this problem start?
  • What concerns can we address immediately?
  • Can you be more specific?
• Explain your sales goals and strategy, and set clear expectations about how they specifically contribute to achieving those goals
• Do regular debriefs to understand workload, customer interactions and concerns
• Give and receive regular feedback
• Role play so employees can practice ways of responding that prioritize your sales goals while managing client expectations regarding timeframes and deadlines
• Use an outside facilitator to improve communication skills
• Give your team specific instructions on how to make real-time decisions based on company values and goals (if/then)
• Ask them what challenges to increasing sales they see and strategize on how to solve them in ways that allow them to feel confident that adding more volume (sales) into the system won’t contribute to further burnout

Struggling to keep up with the resources needed for growth?

1. Map out hiring priorities for the next 12 to 18 months
2. Scope out talent before you need it
3. Use tech and automation when you can
4. Refine and standardize processes to create efficiency and reduce waste
5. Use financial forecasts to hit revenue goals to fund growth
6. Build banking relationships to access growth capital
7. Update contract and payment terms as part of a comprehensive cash flow management strategy
8. Invest in improving your team's communication, accountability and conflict resolution skills
9. Set clear expectations and provide regular coaching
10. Have a process for identifying and resolving issues
11. Make whatever hard decisions need to be made to make the hard work of your team more profitable

Purpose First Advisors specializes in helping business owners level-up their approach to business growth and profitability. Let us help you build, grow and exit your business  on purpose, with purpose.

Developing an exit strategy may seem like a future ‘to do,’ but its benefits extend far beyond the transition.

Having a current strategic plan that focuses on both increasing income and building company value provides clarity, direction, and peace of mind, allowing business owners to navigate the complexities of transition with confidence and foresight.

Investing time and effort into crafting a well-defined value-to-exit strategy is an essential business planning discipline that keeps you focused and consistent.

The benefits of present-tense planning that embeds exit strategy goals in your strategic plans and aligns them to actionable tactics include

1. Clarity about where you’re headed : By envisioning the next stage of your business, you're more likely to make strategic decisions that align with your long-term goals. Having a clear exit strategy helps you set milestones and benchmarks, guiding you towards achieving your desired outcomes.
2. Commitment to building the value of your business: A narrow focus on increasing revenue can sometimes lead you to make short-term decisions that erode long-term value. Considering exit strategy scenarios requires a thorough assessment of the current state of your business and allows you to identify choices that meet profitability and value enhancement goals. This makes it easier to stay committed to building value when making decisions regarding hiring, technology, new product/service development, targeting niche audiences, creating replicable systems, and making other investments.
3. Improving business attractiveness to buyers: Potential buyers are attracted to businesses with well-thought-out exit strategies because it demonstrates a commitment to long-term business goals and the adoption of sustainable business practices that don’t rely on the owner alone. Knowing what buyers look for and consider valuable allows you to intentionally embed those choices in your business strategy.
4. Smoother transitions: When a business is designed to run without daily input from the owner, with a professional team using standard operating procedures to serve a strong and diverse customer base, it’s much easier to transition from one owner to another. The less disruption employees and customers experience the greater the likelihood that the new owners can focus on continuing to grow value.
5. Knowing what you need: Owners who start and operate their business with the end in mind are more likely to have reasonable expectations about the sales process and what sales price they can expect, and be better prepared for life post-exit. Whether you go on to build your next venture or retire, having a clear ‘What’s Next’ plan has been identified as an essential part of a successful exit plan strategy.

Purpose First Advisors specializes in helping business owners level-up their approach to business growth and profitability. Let us help you build, grow and exit your business  on purpose, with purpose.

Get your free, confidential business valuation report here.

A business exit strategy is an owner’s plan for how you will transfer ownership of your business.

It’s a roadmap outlining the steps to be taken to transition out of your business while maximizing value (for you) and minimizing disruption (for employees and customers.)

Exit strategies are typically developed well in advance of your actual exit and may involve several transitions and transactions at different times.

Deciding to leave your business is both a business and deeply personal decision.

Planning a ‘good’ exit looks different for everyone which is why the process actually starts with you deciding what you want from your business.

• Do you expect your business to carry on after you’re gone?
• Do you envision leaving the day-to-day operations before you consider selling at some point?
• Are you counting on selling to fund your retirement?
• Do your children or other family members expect to take over the business? Do you want them to?
• If someone was to buy your business, who might that be?
• What do you want to do when you’re done running your business?

Another important step in planning a business exit is to know your options. This may include

1. Sale to a Third Party: Selling the business to an outside strategic buyer, financial buyer, or private equity group. This could involve an unsolicited offer, negotiated sale or an auction process.
2. Merger or Acquisition: Merging the business with another company or being acquired by a larger entity. This can offer synergistic benefits and economies of scale.
3. Selling to Existing Partners: Usually buy-sell agreements outline the terms for buying out a partner.
4. Management Buyout (MBO): Selling all or part of the ownership to its current management team. This typically involves the management team using business assets to finance part of the project. It can be a way to ensure continuity and preserve the company's legacy.
5. Employee Stock Ownership Plan (ESOP): The company uses borrowed funds to acquire shares from the owner and contributes the shares to a trust on behalf of employees. This can incentivize and reward employees while facilitating the owner's exit.
6. Passing on to Family Members: Selling or gifting ownership and management control to the next generation within the family. This can be a way to preserve family values and traditions while ensuring continuity. It typically results in less or no capital for the seller.
7. Initial Public Offering (IPO): Taking the company public by offering shares to the public for the first time. This can provide liquidity for existing shareholders and raise capital for future growth. Technically an exit option but one that few business owners will use.
8. Orderly Liquidation: Closing down the business and selling off its assets. This may be necessary if the business is no longer viable or if the owner(s) wish to exit quickly. It’s important to remember that you don’t always have to sell all your ownership in one transaction. By selling part of the business at a time you can often recapitalize to fund growth, retain a portion of ownership, continue to be involved in running the business, and get a ‘second bite at the apple’ which can create more wealth than a single exit. Increasing your understanding of exit planning as a process, not an event, makes it easy to see how it makes sense to integrate it into your current strategic growth plan. Purpose First Advisors specializes in helping business owners level-up their approach to business growth and profitability. Let us help you build, grow and exit your business  on purpose, with purpose.

Get your free, confidential business valuation report here.

Knowing what your business is worth, identifying how you can increase its value and mapping out a plan that allows you to achieve personal, financial and business goals allows you to move from being an owner with an income stream to an investor in your own future.

This month my husband and I will celebrate 20 years of marriage. 

I was 30 and my parents were 53 when I tied the knot.

I turned 50 in December. 

A lot happens in 20 years whether you plan for it or not. 

In addition to starting my business, getting my MBA, and becoming a CEPA, over the last 20 years I’ve lost my dad, watched my mom successfully battle cancer, and started the process of being an adult child to aging loved ones. 

Over the next 20 years, a lot of other things will happen - many of them wonderful, exciting and life affirming. At 73, my mom is moving into a new phase of her life and at 50, so am I.

• Retirement planning conversations feel a lot more relevant than they did a few years ago.

• I spend more time thinking about ‘what else’ I want to do with/in my life more than I worry about figuring out what I want to be when I grow up.  
• I look at what I want to learn and how I want to grow my business through the lens of what will make me happy while meeting my financial needs. And how can I be of service to others who’ve invested so much of themselves into building their own businesses. 
• I’m getting pickier about who I want to work, play and grow with, being more intentional about how and with whom I spend my time and energy.
• I’m interested in doing what I can to control what’s reasonable and let go of that which is out of my control.
• I believe money is a tool, knowledge is power and planning makes sense.

For me, becoming a certified exit planning advisor is a natural extension of being a strategic growth advisor. It means I can help my clients be focused and intentional about where they put their resources to get the best possible result for both near and long term results.

I help you make what feels (or felt) like far off decisions present-tense and relevant to the business decisions you’re making today. Understanding what your business is worth and how your business can become more valuable in the market increases the near term financial benefit to you and the choices you can make in the future.

• Increased business value increases the money available to make a greater number of choices.

• Having more choices gives you more control over your life. 
• Feeling more control over your life is the single most important factor impacting your happiness (according to the experts.)  

Purpose First Advisors specializes in helping business owners level-up their approach to business growth and profitability. Let us help you build, grow and exit your business  on purpose, with purpose.

Get your free, confidential business valuation report here.